The above figure shows the market demand curve for mobile telecommunications (time spent on a mobile phone). If the price were zero, consumer surplus equals
A) $301.00.
B) $924.50.
C) $1,225.50.
D) $1,250.00.
D
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The income elasticity of demand is largest for
A) food. B) clothing. C) shelter. D) luxuries.
If the Fed were to announce that fighting inflation is not a high priority for the immediate future ________
A) households might expect higher inflation B) the short run aggregate supply would shift upwards C) firms might begin raising their prices to keep up with expected inflation D) all of the above E) none of the above
The federal government agency that is responsible for determining the inflation rate and the unemployment rate is the Federal Reserve
Indicate whether the statement is true or false
Rent, after the change in demand from D/1 to D/2, would be
A. $1,500.
B. $1,000.
C. $500.
D. impossible to determine with the information available.